Saab denied bankruptcy protection

The Associated Press
Posted Sept. 08, 2011, at 3:50 p.m.

STOCKHOLM — Troubled automaker Saab, known for its quirky, rounded cars, moved closer to financial collapse Thursday after a Swedish court rejected its request for bankruptcy protection.

The ruling by the Vanersborg District Court means the Swedish brand, which has struggled financially since General Motors Co. sold it to Netherlands-based Spyker Cars in 2010, is now only days away from facing bankruptcy action from trade unions. Spyker has since changed names to Swedish Automobile.

The company has struggled to pay suppliers and staff, and production at its manufacturing plant in Trollhattan, Sweden, has been suspended for most of the year.

Swedish Automobile said it would appeal the court’s decision before the deadline on Sept. 29.

http://bangordailynews.com/2011/09/08/business/saab-denied-bankruptcy-protection/ printed on July 29, 2014